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Government latest tax measures likely to hinder future corporate earnings

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The Minister of Finance recently presented budget proposals for the remaining months of 2022 that include tax measures.
Government latest tax measures likely to hinder future corporate earnings 183dbc2e04641489c20d3da59cb68f3c_XL

Find below the latest Tax proposals that will have significant impact on future corporate profitability and stock valuations in 2022/23

Regarding direct taxes, the budget proposes:
- An increase in the standard corporate income tax rate to 30% (from 24%)—effective 1 October 2022
- An increase in the concessionary income tax rate to 15% (from 14%)—effective 1 October 2022
- Removal of various tax holidays granted under the Inland Revenue (Amendment) Act No.10 of 2021—effective 1 April 2023
- Imposition of income tax on dividend payment by a resident company to a non-resident person—effective 1 April 2023
- Removal of additional 100% deduction applicable for 2022/23 tax year granted for marketing and communication expenses—effective 1 April 2023

Indirect tax proposals include:
- Increase in the rate of value added tax (VAT) on the import and/or supply of goods or supply of services to 15% (from 12%)—effective 1 September 2022
- Reduction in the VAT threshold to LKR 120 mn per annum (from LKR 300 mn per annum or LKR 75 mn per quarter)—effective 1 October 2022
- Removal of VAT exemption on condominiums—effective 1 October 2022

Customs duties proposals
Customs duties proposals include:
- Offering a 50% import duty concession on import of advanced new technology equipment/accessories for food packaging
- Providing concessions for imported accessories or parts required in the manufacture of electric bicycles locally with more than 50% value added

Read an August 2022 report [PDF 1.2 MB] prepared by the KPMG member firm in Sri Lanka
https://assets.kpmg/content/dam/kpmg/lk/pdf/2022/2022-interim-budget-tax-proposals.pdf

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